CSRD deadlines in jeopardy
There have been rumors of delays in various parts of the CSRD for some time. In the autumn, it was confirmed that the deadline for the adoption of sector-specific European sustainability reporting standards would be pushed back to June 2026.
Now there are strong indications that the digital reporting requirement will also be delayed. XBRL International reported before Christmas that European Commissioner Mairead McGuinness confirmed at an EFRAG conference that the steps to formalise EFRAG's European Sustainability Reporting Standards XBRL Taxonomy (ESRS) as official EU rules will be delayed.
In other words, the digital mandate for reporting under the Corporate Sustainability Reporting Directive (CSRD) is very unlikely to go live by 2025 for large reporting companies.
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EFRAG Taxonomy Approved
In a major milestone, EFRAG's Sustainability Reporting Board (ESRB) has approved the draft European Sustainability Reporting Standards (ESRS) XBRL Taxonomy.
The ESRS XBRL Taxonomy approval precedes its expected publication within a few weeks; this publication marks the start of a 60-day consultation period. During this time, stakeholders will be encouraged to provide their input. This open feedback loop will ensure that the taxonomy reflects diverse perspectives and needs, contributing to the development of robust and comprehensive standards.
The call to action is clear: companies should proactively develop systems, processes, policies and controls to effectively collect and manage data in line with the ESRS XBRLTaxonomy. As companies prepare to comply with the CSRD, adopting the ESRS XBRL Taxonomy is not just a requirement - it is a strategic step towards a more transparent, accountable and digitally enabled future.
The question on everyone's mind is; When will the new ESRS XBRL taxonomy be available in the XBRL Tagger? The answer is that you will be able to tag according to the new XBRL taxonomy within a few months after it receives official approval.
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